Stripe Restores Cryptocurrency Support.
Stripe, the payment platform that suspended Bitcoin support, citing several issues in 2018, announced on Thursday, March 10, that the company is restoring crypto support on its platform after four years.
According to details, Stripe will partner with FTX, a crypto exchange, to bring cryptocurrency investments to users’ doorsteps while extending its support for various coins. The collaboration with FTX entails a cross-platform synergy that enables exchange users to fund their accounts via Stripe easily.
Multi-Faceted Cryptocurrency Services
FTX users can also access some of the exchange’s in-platform services, such as verification through the Stripe interface. The partnership enables Stripe to play risk-mitigating roles for the exchange. This service will also be available for other platforms that Stripe will connect down the line.
Stripe stopped accepting bitcoin in 2018 after three years of being an active player in the industry, citing the volatility of the digital currency market and lack of scalability, which resulted in extended transaction time. The Irish company was founded by the Collison brothers in 2015.
After a four-year hiatus, the company announced that it was putting together a team of Engineers who would help in charting a new course in the uncertain crypto space. It added that it would start rendering an array of cryptocurrency-related services.
More Businesses for Stripe
According to the company’s co-founder, John Collison, some of the services that Stripe will be involved in are exchanges, NFT marketplaces, on-ramps, identity verification, pay-ins, pay-outs, and KYC services. Stripe will also play an active role in fraud prevention services.
FTX is a Bahamas-based exchange that serves several jurisdictions. The company has a daily trading volume of $14 billion. It was founded through a collaboration of two MIT graduates with the vision to make cryptocurrencies easily accessible to users.